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What Is Driving The Broad-Based Crypto Rally?




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The cryptocurrency markets have been rising today, and many different digital assets are up over the last 24 hours.

Binance Coin appears to be leading the higher markets, having risen more than 10% in the last 24 hours on CoinMarketCap at the time of the report.

Ether, the digital currency of the decentralized application development platform Ethereum, had risen more than 6% on CoinMarketCap at the time of this writing.

Bitcoin, the world's largest cryptocurrency by market value, had also posted some notable gains, having climbed more than 4% on that platform.

& lsqb; Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. & Rsqb;

What is helping fuel these gains?

Analysts pointed to several factors, including central bank policy, bullish sentiment surrounding the potential approval of the first bitcoin exchange-traded fund (ETF) and the latest progress reported by Binance.

Binance Coin 'Leading The Way'

"Binance Coin is reporting the biggest gains," emphasized Joe DiPasquale, CEO of cryptocurrency hedge fund manager & nbsp;BitBull Capital.

"But we don't believe it is responsible for the recent surge, which is largely a result of Bitcoin rising," he added.

The digital asset, which rose to as much as $ 17.74 today, is benefiting from numerous tailwinds, numerous market experts have claimed.

"Binance is leading the way for a number of reasons," said Marouane Garcon, managing director of crypto-to-crypto derivatives platform & nbsp;Amulet.

“They have an upcoming coin burn, they have just launched P2P trading in China, and they are accepting & lsqb; WeChat & rsqb; and AliPay as a fiat on the ramp, ”he added.

Jeff Dorman, chief investment officer of asset manager & nbsp;Arca, also weighed in.

“Binance has recently started accepting WeChat and Alipay as an on-ramp to crypto,” and “this brings more money into the ecosystem (positive for the whole market) and, more specifically, brings money into Binance (a net-positive for BNB) . "

Higher Bitcoin Pushes

Bitcoin, the world's most prominent digital currency, also climbed today, reaching $ 8,626.14 on CoinMarketCap earlier this afternoon.

“Today's 4% rise to the $ 8,600 cross can be attributed to two major factors, the first being the US The Federal Reserve's decision to resume Treasury purchases and balance sheet expansion, which signals a liquidity crunch in the U.S economy, and the second being positive comments from Bitwise regarding the Bitcoin ETF decision expected by October 13, ”said DiPasquale.

Dorman provided similar input. He stated that:

"BTC benefits from continued declines in global interest rates, loss of purchasing power from fiat currencies that makes BTC a viable alternative, and continued QE from the Fed and other Central Banks around the world."

Dipasquale also leveraged some technical analysis, indicating that "bitcoin's price has shown some positivity after a short consolidation phase as it repeatedly bounced off the support zone around $ 7,700."

However, he also emphasized that "bitcoin needs to cross the resistance zone between $ 8,700 and $ 9,000 to get back on track."

Cautious Optimism

Bitcoin bulls may not want to be too optimistic about the digital currency's recent gains, noted Garcon.

"Bitcoin was at $ 10,000 a few weeks ago and now people are getting excited about a small move to the upside," he stated. "I wouldn't be too optimistic yet."

"I would chalk it up to just being a good day especially those who bought Bitcoin at $ 7,000's," said Garcon.

"Waiting for a more convincing move to the upside before I get too excited."

Tim Enneking, & nbsp; managing director of & nbsp;Digital Capital Management, said he was "not sure" about the "legs" of this recovery, "mainly because of concerns that this could be the bulls' front-running SEC SEC ETF decision on Monday – which is almost certain to be negative."

"If this is the case, we will fall back significantly after the news is released."

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. & Nbsp;

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The cryptocurrency markets have been rising today, and many different digital assets are up over the last 24 hours.

Binance Coin appears to be leading the higher markets, having risen more than 10% in the last 24 hours on CoinMarketCap at the time of the report.

Ether, the digital currency of the decentralized application development platform Ethereum, had risen more than 6% on CoinMarketCap at the time of this writing.

Bitcoin, the world's largest cryptocurrency by market value, had also posted some notable gains, having climbed more than 4% on that platform.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

What is helping fuel these gains?

Analysts pointed to several factors, including central bank policy, bullish sentiment surrounding the potential approval of the first bitcoin exchange-traded fund (ETF) and the latest progress reported by Binance.

Binance Coin 'Leading The Way'

"Binance Coin is reporting the biggest gains," emphasized Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

"But we don't believe it is responsible for the recent surge, which is largely a result of Bitcoin rising," he added.

The digital asset, which rose to as much as $ 17.74 today, is benefiting from numerous tailwinds, numerous market experts have claimed.

"Binance is leading the way for a number of reasons," said Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.

“They have an upcoming coin burn, they just launched P2P trading in China, and they are accepting [WeChat] and AliPay as a fiat on the ramp, ”he added.

Jeff Dorman, chief investment officer of Arca's asset manager, also weighed in.

“Binance has recently started accepting WeChat and Alipay as an on-ramp to crypto,” and “this brings more money into the ecosystem (positive for the whole market) and, more specifically, brings money into Binance (a net-positive for BNB) . "

Higher Bitcoin Pushes

Bitcoin, the world's most prominent digital currency, also climbed today, reaching $ 8,626.14 on CoinMarketCap earlier this afternoon.

“Today's 4% rise to the $ 8,600 cross can be attributed to two major factors, the first being the US The Federal Reserve's decision to resume Treasury purchases and balance sheet expansion, which signals a liquidity crunch in the U.S economy, and the second being positive comments from Bitwise regarding the Bitcoin ETF decision expected by October 13, ”said DiPasquale.

Dorman provided similar input. He stated that:

"BTC benefits from continued declines in global interest rates, loss of purchasing power from fiat currencies that makes BTC a viable alternative, and continued QE from the Fed and other Central Banks around the world."

Dipasquale also leveraged some technical analysis, indicating that "bitcoin's price has shown some positivity after a short consolidation phase as it repeatedly bounced off the support zone around $ 7,700."

However, he also emphasized that "bitcoin needs to cross the resistance zone between $ 8,700 and $ 9,000 to get back on track."

Cautious Optimism

Bitcoin bulls may not want to be too optimistic about the digital currency's recent gains, noted Garcon.

"Bitcoin was at $ 10,000 a few weeks ago and now people are getting excited about a small move to the upside," he stated. "I wouldn't be too optimistic yet."

"I would chalk it up to just being a good day especially those who bought Bitcoin at $ 7,000's," said Garcon.

"Waiting for a more convincing move to the upside before I get too excited."

Tim Enneking, managing director of Digital Capital Management, said he was "not sure" about the "legs" of this recovery, "mainly because of concerns that this could be a bulls-front for the SEC's ETF decision on Monday – which is almost certain to be negative. ”

"If this is the case, we will fall back significantly after the news is released."

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.


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